Turning A Primary Residence Into A Rental With Kevin Ha (Ep 355)
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.8 • 836 Ratings
🗓️ 22 February 2022
⏱️ 25 minutes
🧾️ Download transcript
Summary
We talk about why he decided to rent his property vs sell the property, what he needed to do before he rented his property, and how things have worked out for him.
We also talk about tax considerations to think about before turning a home into a rental, and a way that investors can save money on repair costs.
Transcript
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| 0:00.0 | inspiring interviews with today's top landlords. |
| 0:04.7 | This is the rental income podcast. |
| 0:07.6 | And now, Dan Lay. |
| 0:09.6 | Kevin, you were with us five years ago, and at that time, you were renting out a spare bedroom in your house on Airbnb. |
| 0:17.9 | And you were doing great with it. |
| 0:19.3 | You were making an extra $1,000 a month. But recently you |
| 0:23.2 | decided to move out of that house and now you're renting out the entire house, right? |
| 0:28.2 | That's right. Yeah. Although now it's a little different because before is more of a kind of more |
| 0:32.5 | a hotel type thing. And now it's just a rental where, you know, I'm just kind of doing some |
| 0:37.3 | maintenance every once in a while. And it's just people are living, you know, I'm just kind of doing some maintenance every |
| 0:37.8 | once in a while and it's just people are living there. That's a pretty big change. Kevin went from |
| 0:42.6 | doing Airbnb where he had guests coming in for a couple of days at a time to now he's renting |
| 0:48.0 | out his entire house to college students. So on the show today, we're going to talk about that |
| 0:52.9 | process of turning his primary |
| 0:55.1 | residence into a full-time rental property. And we'll see how things are working out. Kevin's |
| 1:00.7 | managing it himself, so he's had a lot of stuff he's had to figure out. Let's take a really |
| 1:05.4 | quick break. We'll thank our sponsors. We'll come right back and we'll catch up with Kevin |
| 1:09.7 | Hoff from Minneapolis. |
| 1:11.1 | A good deal on a rental property isn't going to last very long. To win properties today, |
| 1:16.1 | you need to move quickly when a deal comes on the market, but it takes time to analyze a property. |
| 1:22.4 | I want to let you know about an app where you can analyze deals on your phone in seconds. |
| 1:27.7 | It's called Ask Rick. |
... |
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